The market is now beginning to experience a net surplus of new listings, as supply shifts higher. This change comes after months of a prolonged net deficit of supply. This week's supply increased 2% in Manhattan and increased 7% in Brooklyn. Contract activity also decreased this week compared to last week in both boroughs, with Manhattan dipping below 300 contracts signed for the first week in twelve weeks. Manhattan’s Market Pulse remained at 0.75 and Brooklyn’s decreased from 1.26 to 1.22.
While the Market Pulse for both boroughs continues to show favor for the seller, indicators hint that the run the sellers have experienced for the last eighteen months may be winding down. Sellers if you are not seeing buyer interest in your property, it’s essential to review the competition and reassess your price before summer.
Manhattan Supply
Increased by 2% this week to 6,426 units, bringing supply to a level not seen since early November 2021. This week 486 new listings came to market, 5% less than last week and 13% less compared to the same week last year.
Brooklyn Supply
Increased by a whopping 7% this week to 2,871 units, as 308 new listings came to market, 2% less than last week and 2% less than the same week last year.
Manhattan Pending Sales
Increased 2% this week to 4,806.
Brooklyn Pending Sales
Remained flat this week at 3,391.
Manhattan Contracts Signed
282 contracts were signed this week, in the first week contract activity dipped below 300 in 12 weeks. This represents a 19% decrease from last week and a 23% decrease from the same week last year. At this same time last year, a similar drop in contract activity from the week prior occurred as well. This is the fifth week in a row where this year’s contract activity fell below the volume of the same week last year.
Brooklyn Contracts Signed
205 contracts were signed this week, the eleventh week in a row with more than 200 contracts signed. This represents a 3% decrease from last week and a 17% decrease from the same week last year.
New Development Insights
As reported by Marketproof, this week, 82 new development contracts were reported across 50 buildings. The following were the top-selling new developments of the week:
- Maverick in Chelsea
- One Wall Street in the Financial District
- The Bellemont on the Upper East Side
- Forena in Flatiron
- The Narrows in Fort Hamilton
